For Immediate Release
Provided by Corvus Insurance Holdings, Inc.
InsurTech Startup Corvus® Announces Smart Cargo Insurance™ Products for Life Science Companies to Better Predict and Prevent Loss of Perishable Goods in Transit.
BOSTON, Mass., – Corvus Insurance, a leader in providing technology-enabled commercial insurance, today announced the release of Smart Cargo Insurance™ products for Life Science companies. Smart Cargo Insurance tools analyze data from Sensitech temperature sensors that are already used in the shipments of goods that are subject to spoilage and compares that data set of millions of shipments in order to “score” the temperature stability for each individual manufacturer/shipper of goods. This Corvus Cargo Score can be used by commercial insurance brokers and buyers to predict and prevent loss. For prospective policyholders that have the best scores, Corvus offers insurance with lower prices and broader coverage.
“Sensitech has long focused on ensuring product quality, safety and regulatory compliance by placing sensors in the supply chain to collect and report data such as temperature, humidity, and location,” said Mike Hurton, Vice President & General Manager, Sensitech Inc. “Sensitech’s ColdStream® CCM data platform is the foundation technology, which enables customers to view their supply chain holistically in order to focus efforts where there are opportunities for risk reduction and cost savings. Enabling customers to leverage the information collected through our ColdStream® technology platform presents a high-value opportunity. Our affiliation with Corvus and its Smart Cargo Insurance offering represents an “opt-in” program where customers can leverage supply chain performance data in a way that drives additional value.”
Corvus uses its innovative technology and digital platform, the CrowBar™, to monitor new information from ongoing shipments. If the CrowBar technology spots negative trends or if the temperature stability score changes, the broker and policyholder are informed and provided actionable recommendations. This ongoing digital inspection service, called Dynamic Loss Prevention™, will allow underwriter, broker and policyholder to align interests in identifying and acting upon deteriorating temperature stability before a claim is caused.
“Corvus exists to bring differentiated commercial insurance products to market that reduce the overall cost of risk and make the world a safer place.” Said Philip Edmundson, founder and CEO of Corvus. “We have recently received funding from Bain Capital Ventures to build an ambitious new technology-driven approach to underwriting and risk management focused on the commercial insurance market and the brokers that serve commercial insurance buyers.”
Smart Cargo Insurance™ policies are distributed by Corvus on a Managing General Agency basis with its partner, Argo Group. Policies will be distributed by independent brokerage firms across the United States.
“This partnership allows us to continue to provide customers with innovative, digital solutions for niche markets,“ said Alan Wynn, SVP, Argo Group US, Alternative Risk Solutions. “We are pleased to partner with Corvus for the Smart Cargo Insurance™ product.”
About Argo Group International Holdings, Ltd.
Argo Group International Holdings, Ltd. (NASDAQ: AGII) is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of products and services designed to meet the unique coverage and claims handling needs of businesses in two primary segments: U.S. Operations and International Operations. Argo Group's insurance subsidiaries are A. M. Best-rated 'A' (Excellent) (third highest rating out of 16 rating classifications) with a stable outlook, and Argo Group's U.S. insurance subsidiaries are Standard and Poor's-rated 'A-' (Strong) with a stable outlook. More information on Argo Group and its subsidiaries is available at www.argolimited.com
About Sensitech Inc.
Sensitech® is a world leader in supply chain visibility. Our innovative monitoring products and services help to maintain the quality, integrity and security of our customers' valuable products at every step in their journey, all around the world. For more than 25 years, leading companies in the food, pharmaceutical, industrial, consumer goods, and other industries have relied on Sensitech to help protect their products—and their bottom lines.
About Corvus Insurance Holdings, Inc.
Corvus Insurance Holdings, Inc. utilizes novel data sources to create insurance products that better predict and prevent commercial insurance claims. Please visit: www.corvusinsurance.com for more information.
Smart Cargo Insurance is a registered trademark of Corvus Insurance Holdings, Inc. in the United States and other countries.
Su Doyle, Director of Marketing